lululemon athletica posted very strong financial results, with increased net income and revenues in the second quarter of fiscal 2021 and improved its outlook for the year. Revenue jumped 61% to $ 1.45 billion, including 63% in North America and 49% elsewhere. Excluding changes in exchange rates, it rose by 56%. Net income for the fiscal quarter ended August 1 was $ 208.1 million, or $ 1.59 per share, up from $ 86.8 million, or $ 0.66 per share, in the comparable period a year earlier. Adjusted earnings rose to $ 1.65 per share from $ 0.74 versus the market consensus of $ 1.19 per share on revenues of $ 1.33 billion. Lululemon opened 11 new stores last quarter, bringing the number to 534.
The company plans to receive revenues in the range of $ 1.4-1.43 billion in the third fiscal quarter, net profit - $ 1.33-1.38 per share. At the same time, analysts expect net income of $ 1.32 per share on revenue of $ 1.32 billion in $ 6.19-6.26 billion compared to $ 6.52-6.65 per share on revenue of $ 5.83-5.91 billion, announced earlier. We raise our target value for the company's stock again from $ 476 to $ 520. We do not rule out that lululemon will be able to earn $ 10 per share in net income for fiscal 2022, compared to our current forecast of $ 8.36.
We are confident that improved product lines such as the new Mirror product, effective marketing and increased online sales, coupled with customer loyalty and sports fashion trends will drive traffic, conversions and competitiveness for lululemon athletica. The new Mirror, an online device and platform for training at home, can provide significant support to business in the long term.
lululemon athletica inc. designs and retails premium athletic apparel and accessories for yoga, running and training. The brand mainly sells women’s wear, though also supports a growing men’s business. Lululemon leverages a vertical retail and digital strategy to design and sell its products and has developed several trademarked fabrics. Based in Vancouver, Canada, the company operated 521 lululemon banner stores globally in 2020. Lululemon has inspired a devoted customer following through its community-based marketing and events, strong corporate culture, and unique in-store experience.